When we hear the word "interview", we often pair it with the idea that a company is looking for a new candidate to hire on. However, a new type of interview is surfacing that is very important, not for hiring but in terms of retention. This new type of interview, known as the stay interview, is between a manager and a valuable employee who is at risk of leaving the company. The goal of a stay interview is to remind the employee of why they began working for the company, as well as convince them to stay with the company. Even more, the interview is meant to minimize the issues that are causing the employee to want to leave.
You may be thinking this is a waste of time. If an employee wants to leave the company then they are going to do it. However, there are many benefits to conducting a stay interview. It has been proved to be a successful tool for retaining valued employees.
By conducting a stay interview, you are showing your concern and interest in the fact that an employee wants to leave, causing them to feel excited and special. The personal interview shows you value the employee.
A stay interview is a type of retention tool that is very personalized. Instead of looking at the interests of a large group of employees, which can take a large amount of time, stay interviews focus on the individual. Along with saving time, this also makes the employee feel more valued.
Limitation usually carries a negative connotation. However, with this tool, it is a positive. Stay interviews allow managers to focus on only the key employees, instead of having to interview the entire group of employees. In turn, this minimizes the time a manager must spend focusing on retention.
Most of the time spent during stay interviews is used to focus on and reinforce the positives that the employee enjoys about the job and company. The interviews are also used to eliminate the negatives an employee is feeling. The negatives are turned in to positives as the manager attempts to minimize them.
Stay interviews are very informal and do not require any training. All a manager really needs in order to successfully conduct a stay interview is a simple how-to kit. Therefore, these interviews do not require a budget in order to conduct. Usually, the only cost of this retention tool is the time of the manager and employee.
Stay interviews are a great way to create retention. If you're still looking for other ways to retain employees, check out this whitepaper!